Toshiba Stocks Drop 17% After Accounting Probe – $2.5 Billion

The stock closed 16.6 percent lower at 403.30 yen in Tokyo on Monday, giving the company an overall market value of about 1.7 trillion, close to 300 billion lower than Friday’s close.

In April Toshiba warned that it could have underestimated costs of their infrastructure prohects throughout 2012-2013. They reported that an internal probe found more irregularities, which includes a failure to records losses related to construction work.